Nate at The Digital Reader broke a fascinating story this morning. Some authors on KBoards noticed an Amazon webpage for “Kindle Unlimited.”
According to Nate:
Details are still vague, but at this point I know that about 6 hours ago several authors noticed that there was a new page in the Kindle Store. That page was shortly taken down, but while it was up it was titled Kindle Unlimited, and it offered readers access to a catalog of 600,000 ebook and audiobook titles for $9.99 (per month or per year, I don’t know).
As you might expect, there’s been much discussion of this on the KBoards thread. Readers are loving the idea of unlimited audiobooks, but authors are less thrilled. Here is a comment from one author
Considering that ACX already reduced the royalties and has 100% control over the sale price, you can darn well bet audiobook people are going to get 100% screwed on this. They already discount audiobooks to oblivion.
Another author noted that is was (briefly) in the Select FAQ this morning and quoted this (admittedly from memory, so take with a grain of salt).
Books in Select will automatically be enrolled. Like the KOLL you won’t be able to opt-out if you’re in Select.
You will be payed if you someone reads 10% or more of your book.
The payment will come out of the same KOLL fund, just as if it was a borrow.
What has some authors (justifiably) concerned is that there was no mention if the Select fund was going to be increased. While I think that’s unlikely, it’s a valid concern. The more people who use the service and read books, the less each book will get per borrow. I think it’s unlikely however, because there is a cost to this service. My hunch is that at least some of the cost will go to increasing the fund.
Also, if the author’s memory is correct, don’t you love that 10% is becoming the “accepted” amount for payouts in subscription services?
Obviously, it’s all speculation at this point, but it’ll be interesting to see what actually comes of it. Any bets that it will go live on July 25, the same day the Fire Phone ships?